The use of video conferencing is growing steadily as more companies see how cost-effective it is to have virtual conferences instead of flying in the participants. However, with the costs of those conferences, are they actually saving your company money? Here's how to calculate just how video conferencing is affecting your bottom line.
The Costs of Video Conferencing
It's common to need to upgrade your network to make it capable of the bandwidth necessary for conferencing. It may be necessary to upgrade your hardware or to get a new WiFi carrier. Both of these upgrades come with a cost, depending on how you are upgrading and how much bandwidth you need. You will also need equipment to carry out the conference, including a camera that can shoot high-quality video, a good microphone and a high-speed internet connection at the conferencing site. Your company may need to upgrade its equipment for conferencing, buy new equipment or even rent the audio items needed for the meeting. The costs depend on which equipment your business already has.
Benefits of Video Conferencing
Video conferencing is done to save money, and it does save it in a number of ways. Not having to fly people in for a meeting is a major cost savings. And because there is no travel needed, there is no clerical work needed for the planning of the trip and the expense accounts. Even when there is a disaster like a flood or a hurricane, your employees can still have conferences as needed from home. Video conferencing makes it possible for work and collaborations to continue no matter what else is going on, making the business more productive and more profitable.
Judging Your ROI
Coming up with the actual numbers can be difficult since so many factors are involved. However, it can be helpful to add up the cost of the new equipment and the upgraded WiFi. Then, add up the costs of everyone traveling for every meeting. There are travel costs, hotel costs, car usage, etc., plus taking office time tp process the travel receipts. Then, choose a number that represents the company being able to stay in business through these conferences when the unexpected happens and people can't get to the office. Adding these numbers together, they will likely be far higher than the cost of the equipment needed for video conferencing.
When you're ready to get started with high-quality video conferencing, contact us to find out more.